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5 Reasons Struggling Artists Should Refinance Their Student Loans

5 Reasons Struggling Artists Should Refinance Their Student Loans

Are you a struggling artist?

Is one of the reasons you’re struggling because your student loan payments are consuming your monthly budget, making it impossible to invest in your future as an artist?

If so, it’s important you think about refinancing your student loans right away.

5 Reasons to Refinance Your Student Loans

By definition, struggling artists are just barely getting by.

When you add in the mounting crisis of student loan debt, many artists are on the verge of trading in their dreams for something more secure. Despite what many politicians have publicly stated, it’s very unlikely student loans will ever be forgiven.

In short, there’s never been a better time than the present to consider refinancing your student loans if you’re a struggling artist.

1. Enjoy a Lower Interest Rate

Without a doubt, the best reason to refinance your student loan is to lock in a lower interest rate. If you’re thinking about refinancing your student loan, it’s most likely because your monthly payment has become unbearable.

Locking in a lower interest rate will mean saving on the total amount you pay back. It can also mean extending how long you have to pay the amount back, which would give you a much smaller monthly payment amount.

2. Take Advantage of a Flexible Repayment Plan

While banks generally aren’t known for their flexibility, many can be much more flexible than the federal government.

For example, some lenders will let you defer your monthly payments if you return to school. Others will offer you temporary forbearance if you’re currently facing an economic hardship.

These types of options can make all the difference when your budget needs some breathing room.

3. Consolidate for Convenience

If you’re a struggling artist, you have enough priorities to juggle. Remembering to pay each of your student loans every month only adds to the list.

Instead, refinancing for the sake of debt consolidation will make life much easier. Just make one payment every month and that’s reasonable enough.

4. You Finally Have Good Credit

Now that you’re out of college and a bit older, you may have much better credit, too.

If that’s the case, refinancing your student loans will definitely lock in a far preferable rate. This improved rate may save you enough to begin financing your artistic endeavors, as well.

5. Release a Cosigner

Did you use a cosigner to originally qualify for your student loans? If so, that could be causing a bit of tension now between you and a loved one, especially if the cosigner could use some a loan of their own.

By refinancing, you are freeing them of this financial obligation. 

Refinance Your Student Loans Immediately

If any of the above five reasons to refinance your personal loans sound familiar, it’s imperative that you take action right away.

As we touched on earlier, the student loan crisis is only getting worse.

Soon, it may be impossible to refinance. At the very least, the longer you put off refinancing, the longer you’re paying more than you must.

Now that you understand why you should refinance, it’s time to take the next step and speak with a lender to see what your options are.